American Oil and Gas Reporter - October 2020 - 92

pages 91-95_Layout 1 10/15/2020 1:19 PM Page 92

IndustryFocus: Companies, People and Products
NOIA Recognizes Safety
Of Oceaneering, Danos
WASHINGTON-The National Ocean
Industries Association has awarded Safety
in Seas awards to Oceaneering and Danos.
Oceaneering won the 2020 Safety in
Seas Safety Practice Award for its Liberty™ E-ROV resident subsea vehicle. The
E-ROV is piloted fully from on shore,
eliminating the need for personnel to
travel to offshore sites and reducing work
in higher-risk environments, NOIA explains. The organization adds that the EROV has eliminated 1,400 tons of carbon
dioxide emissions.
Danos received the Culture of Safety
Award for establishing an institutional
safety culture through behavior-based
safety programs and innovations, such
as using virtual reality to enhance training
and augmented reality to improve work
processes, NOIA reports. Despite logging
8.9 million man hours, a 35% increase
over its previous high, Danos had a total
recordable incident rate of only 0.11,
NOIA praises.
"The congratulations to Oceaneering
and Danos is well-earned," says NOIA
President Erik Milito. "Safety is a core
value of the offshore industry, and Oceaneering and Danos exemplify this dedication to keeping workers and the environment safe."
For more information, visit
www.noia.org/safety-in-seas-award. ❒

Locus BE Gets Certificate For Green Biosurfactants
SOLON, OH.-Locus Bio-Energy Solutions™ announces it has received ISO
9001 accreditation for the proprietary
fermentation processes used to produce
its award-winning biosurfactants.
"Now more than ever, the oil industry
needs assurance that products being
used on wells are of the highest quality
and will provide consistent results with
proven returns on investment," says
Jonathan Rogers, the company's chief
executive officer. "The ISO 9001 accreditation demonstrates Locus BE has
systems in place to continuously provide

Devon, WPX To Combine In All-Stock Transaction
OKLAHOMA CITY-Devon Energy
and WPX Energy announce they have
agreed to combine through an all-stock
merger of equals.
Together, the companies say, they will
benefit from enhanced scale, improved
margins, higher free cash flow, and the
financial strength to accelerate return of
cash to shareholders through an industry-first "fixed plus variable" dividend
strategy. The combined company will be
called Devon Energy.
"This merger is a transformational
event for Devon and WPX as we unite
our complementary assets, operating capabilities and proven management teams
to maximize our business in today's en-

Foundation Plugs Old Well In Toole County, Montana
SHELBY, MT.-The Well Done Foundation, which identifies high-emitting orphaned
and abandoned wells and raises funds to
plug them, announces its third success for
2020: the Anderson No. 7, a well in Northern
Montana's Toole County that has not produced any oil since 1988.

WDF points out that the work was supported by New York executive and investor
Joel Citron. "We are thrilled Joel was inspired
to be a part of the Well Done project," says
WDF Chairman and Founder Curtis Shuck.
"Every well we plug delivers an immediate
climate benefit and is so impactful. Having
someone as respected as Joel from
New York's business community involved with our initiative also helps
our mission in a much broader way
by hopefully inspiring others to join
us in making a big difference, one
well at a time."
For more information, visit welldonefoundation.com.
❒
The orphaned Anderson No. 7
was plugged on September 30
through work organized by The
Well Done Foundation. The organization's website notes it is seeking funds to plug several other
wells in Toole County, Mt.

92 THE AMERICAN OIL & GAS REPORTER

biosurfactant solutions that meet our
customers' needs and regulatory requirements."
The green biosurfactants enhance oil
recovery at much lower dosage rates and
costs than synthetic chemicals, Locus BE
says. They are used in the first green
treatment approved as a tertiary EOR
technology by the Texas Railroad Commission, a designation the company says
qualifies users for millions of dollars annually in state tax incentives.
For more information, visit locusbioenergy.com.
❒

vironment, while positioning our combined
company to create value for years to
come," comments Dave Hager, Devon's
president and chief executive officer.
"Bringing together our asset bases will
drive immediate synergies and enable the
combined company to accelerate free
cash flow growth and return of capital to
shareholders."
WPX Chairman and CEO Rick
Muncrief says, "The combined company
will be one of the largest unconventional
energy producers in the United States
and with our enhanced scale and strong
financial position, we can accomplish
(the five objectives we outlined in 2019)
more quickly and efficiently. We will
create value for shareholders of both
companies through disciplined management of our combined assets and an unwavering focus on profitable, per-share
growth."
The combined company reports it has
400,000 net acres in the Delaware Basin,
as well as acreage in the Anadarko Basin,
Williston Basin, Eagle Ford Shale and
Powder River Basin. In total, it produces
277,000 barrels a day The company's
management team says it plans to limit
reinvestment rates to 70%-80% of operating cash flow and restrict production
growth to 5% a year so it can deploy free
cash flow to increase dividends, reduce
debt and opportunistically repurchase
shares.
For more information, visit www.devonenergy.com or www.wpxenergy.com.
❒

Coming In November
The latest in oil and gas issues.

https://locusbioenergy.com/ https://locusbioenergy.com/ http://www.noia.org/safety-in-seas-award https://welldonefoundation.com/ https://welldonefoundation.com/ http://www.devonenergy.com/ http://www.devonenergy.com/ http://www.wpxenergy.com

American Oil and Gas Reporter - October 2020

Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2020